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The group of euro-member countries fell into "a serious recession in September" and economic contraction will continue through next year, pushing interest rates sharply lower, Bank of America said in a research note Tuesday.

President-Elect Barrack Obama should attend the upcoming summit of the G20 developing and industrialized countries in Brazil to show that the US has a truly international leader, Mohamed El-Erian, Co-CEO of Pimco, told CNBC Friday.

Blue chips logged their biggest two-day decline on record as worries about the economy gripped the market the minute the U.S. presidential election was over. Weak outlooks from Cisco and Toyota, dismal October retail sales and the prospect of a very grim payrolls number tomorrow fueled the selloff today.

Following rate cuts from the Fed, China and Japan last week, the Bank of England and European Central Bank slashed their key interest rates today. Central Banks from around the world are modifying their monetary policies in a coordinated effort to contain the impact of the global financial crisis.

European Union finance ministers backed on Tuesday proposals for a reform of the G8 club of major industrial nations and an end to self-regulation in global financial markets that critics say caused the credit crisis.

Australia slashed interest rates Tuesday, presaging cuts expected in Europe later this week in the face of mounting evidence that the global financial crisis has already pushed much of the world into a damaging recession.

The wave of stock selloffs sweeping world markets may be partially caused by the fact that many governments increased guarantees for bank deposits, making them a much safer investment, Marc Faber, author of the "Gloom, Doom and Boom Report," told CNBC Monday.

Commodities will benefit the most from the coordinated bailouts because the plans are sowing the seeds of future poverty, fuelling an already raging inflationary fire, analyst Puru Saxena, CEO at Puru Saxena told CNBC on Tuesday.

Stocks bounced back from their worst week ever with one of their best performances in history as investors cheered a global cash infusion designed to unthaw the credit market and avoid a global meltdown. The Dow gained more than 900 points, its biggest one-day point gain ever.

Stocks bounced back from their worst week ever as investors cheered a series of measures and cash injections by governments and central banks designed to prop up the banking sector and avoid a global meltdown. The Dow was up nearly 500 points, or more than 5.5 percent.

Stocks rallied at the opening bell Monday following a series of measures and cash injections by governments and central banks designed to prop up the banking sector and avoid a global meltdown. The Dow was up about 400 points, or 5 percent, within the first few minutes of trading.